Mr Williams told Lateline the reforms are "firmly aimed" at News Ltd and the Government has a "serious dislike" for the company.
Mr Williams told Lateline there had been no consultation between the Government and media companies over the reforms, which he said have the potential to gag the media.
The laws include strong self-regulation of print and online media, and a public interest test for nationally significant mergers and acquisitions.
Senator Conroy wants to sign off with the crossbenchers on the proposal by next week, but he says he is not prepared to negotiate.
He said if the package is not supported it will be ditched.
Mr Williams said the reforms represent a "nuclear approach" that would hinder News Ltd's ability to conduct journalism.
"It is very firmly aimed at News Ltd. I believe the Government has a serious dislike for News Ltd and deep dislike of independent interrogation," he told Lateline.
"Senator Conroy obviously has a heartily and well-developed dislike for News and News' publications."
Part of the Government's proposal is a Public Interest Media Advocate that would act as the final arbiter of major media mergers and authorise independent bodies that deal with media standards and complaints.
But Mr Williams said he is concerned that the advocate will have "absolute power".
"There are already substantial bodies of law and requirements that pertain to Australia's extensive competition laws and Australia's extensive rules under the Australian Communications and Media Authority [AMCA] and Australia's Foreign Investment Review Board [FIRB]," he said.
"The Government has not in any way, at any stage, indicated in what way the [Australian Competition and Consumer Commission], the ACMA or FIRB are defective.
"It has not indicated what is deficient about those legislative instruments and the very extensive powers that each one of those bodies has."
Mr Williams said he has requested meeting with Senator Conroy to voice his concerns, and would continue to do so.
"I really do struggle to understand what aspects of public responsibility the Senator doesn't understand that gives him some sense that he in fact should be immune from the kind of responsibility that public officials normally accept in the determination of public policy," he said.
"I think Kim [Williams] is quite right in saying this is a campaign against News Limited and their newspapers," he said.
Mr Turnbull said the public interest test on mergers would become a "political interest test" and a Coalition government would repeal the reforms should they make it through parliament.
"I've talked about freedom of speech and that is really the big issue," he said.
"Having a concept as nebulous as public interest being the determination of media mergers, that will inevitably become political interest.
"It will mean it will be the public interest as determined by the government of the day, and that will make any transactions completely dependent on winning the political favour of the government of the day.
"It's exactly the opposite of what you want to achieve if you want to have a free press and we do."